US-based handbag retailer Coach has changed its corporate name to Tapestry as part of a rebranding exercise.
The decision is aimed at reflecting the various brands owned by the company as independent entities and deflecting any confusion regarding their names.
Effective from the end of this month, the name change comes after Coach completed its transformation process through acquisitions and execution of its strategic plan in order to broaden its proposition beyond the Coach brand.
This July, the company completed the $2.4bn acquisition of Kate Spade & Company in an attempt to create a luxury lifestyle company with a diverse multi-brand portfolio, while shoe company Stuart Weitzman was acquired in 2015 for $574m.
Coach CEO Victor Luis said: “We are now at a defining moment in our corporate reinvention, having evolved from a mono-brand speciality retailer to a true house of emotional, desirable brands, all leveraging our strong operational foundation.
“Each of our brands has a unique proposition, fulfilling different fashion sensibilities and emotional needs within the very attractive and growing $80bn global market for premium handbag and accessories, footwear and outerwear.
“In Tapestry, we found a name that speaks to creativity, craftsmanship, authenticity and inclusivity on a shared platform and values. The name embodies our creative brand-led and consumer-focused business, while also representing the deep heritage of the group.
Through the rebranding exercise, the company intends to establish a unique corporate identity for each of its brands, enabling them to position themselves distinctly to consumers.